Definitions
Supply and Demand
Factors of Production
Economic Systems
Misc.
100
the social science that studies how people, businesses, and governments choose to use limited resources to satisfy unlimited wants
Economics
100
relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy
Supply and Demand
100
the economic inputs or resources used to create goods and services
Factors of Production
100
Market Economy (Free Market)
property is privately owned and decisions are made by individuals
100
graph that shows the maximum amount of two goods that can be produced using all available resources and technology efficiently
Production Possibility Curve (PPC)
200
human wants and needs are unlimited, but the resources available to satisfy them are limited
Scarcity
200
the total amount of a specific good or service that producers are willing and able to sell to buyers at various price points
Supply
200
Nature and anything in it
Land
200
Combination of planned and market economies, mix between private and public sectors
Mixed Economy
200
one advantage of free market economie
better and more affordable goods
300
the value of the next-best alternative that you give up when making a choice
Opportunity cost
300
the consumer's willingness and ability to purchase a good or service at various prices during a given time period
Demand
300
Human mental or physical effort
Labor
300
All property is owned by the government and under central control
Command Economy
300
any physical place, virtual space, or system where buyers and sellers interact to exchange goods, services, or information
market
400
a graph that shows the maximum amount of two different goods that can be produced when all available resources and technology are used efficiently
Production Possibility Curve
400
factors other than a product's own price that shift an entire market demand or supply curve left or right
Non-price Determinants
400
Mad made items such as tools or machinery
Capital
400
the idea that government should keep "hands off" of economic decisions
Laissez-Faire
400
Demand curve
500
Factors of Production
Land Labor Capitol Enterprise
500
a state where market forces like supply and demand are balanced, meaning economic variables do not change
Equilibrium
500
Human action of bringing the other three factors together and taking risk
Entrepreneurship
500
the questions answered by an economic system
what to produce, how to produce, and for whom to produce
500
Demand is shifting to the right (demand is increasing)